The (laughable) offer from WV was 3p per share. I have just received a letter from HSBC who say that the settlement was Euro 0.32 per registered holding and as they held my shares as nominees there will be no payment. Does anyone understand this?
tclr

I am not surprised, I received the offer & the PCI "answer" in the post when I got home on the 12th. Last post collection at my local post office in Bucharest at 1 pm and even if I had caught that there would have been almost no chance of getting it in in time without using DHL/Fedex or whoever. a) not worth that & b) the most incompetent bunch I have come across in a long, long time.

What about the OPs question...does anyone know what happens if you don't accept the offer? I received a letter telling me how to accept the offer should I want to, it didn't say what would happen if I didn't.

Does one have an option other than accepting this measly offer? What happens if one keeps the shares. There has been no announcement from the company since the 24th March saying they will inform us in due course.

Petroceltic Internationals second biggest shareholder has said it will not accept a cash offer made last week by a disgruntled shareholder group that valued the Irish junior at under $10 million.

Skye Investments, controlled by the Dublin-based explorers chairman Robert Adair, has stated its firm intention to reject the offer from Worldview affiliate Sunny Hill for 3 pence (4.2 cents) per share.

Skye said its regards the offer as substantially undervaluing the company  it effectively valued Petroceltic at £6.42 million (or $9 million)  and that it will not consider and further offers unless significantly increased.

Shares in Petroceltic were up around 3% in London on Friday morning at 7 pence.

Petroceltic had on Thursday issued a response to the offer, but chose not to either accept or reject it, telling shareholders only to take no action for the time being.

"The board believes that the offer undervalues the company on the assumption of its having appropriate long term funding in place," a statement from Petroceltic that largely dealt with the issue of current and future funding for the company, read.

The offerer had written last week: "The directors of Sunny Hill believe that the value of the equity in Petroceltic is close to zero, given the parlous financial position of the company, the offer document read.

"However, as an incentive to Petroceltic shareholders to accept the offer, in order to allow Sunny Hill and Worldview to accelerate addressing the companys indebtedness issues, Sunny Hill is prepared to offer 3 pence, in cash, per Petroceltic share.

"The directors of Sunny Hill have a particular concern with regard to the companys precarious, and worsening, financial position, particularly with regard to the form, structure and level of the companys indebtedness to the banking syndicate and the stream of short term repayment waivers that the company has had to seek from the banking syndicate to prevent Petroceltic defaulting on the senior bank facility."

Sunny Hill and Worldview are both Cayman Islands-incorporated companies, with the latter being a private investment management firm backed by Russian interests.

An analyst note from BMO Capital Markets last week said the offer "materially undervalues Petroceltics assets and future potential, even taking into consideration (its) distressed financial position and reduced bargaining power.

BMOs core NAV for Petroceltic stands at 44 pence per share. The firms note continued: The deal will require 90% of shareholders to approve the deal, with Worldview controlling 29.6% of the stock. We anticipate that (non-Russian) shareholders will see this deal as deeply insulting as it is clear that the value of the Ain Tsila field is certainly far greater than 3 pence per share  even if sold in a fire sale.

The Ain Tsila development is Petroceltics core asset, after it recently sold its stakes in Egyptian deep-water blocks to Italys Edison. The newly-built Sinopec Rig 50117 spudded the AT-10 well at the weekend, the first of the Ain Tsila development drilling campaign

AT-10 is the first of up to 24 development wells on Ain Tsila needed to establish and maintain an annual average wet gas plateau rate of 355 million cubic feet per day.

Petroceltic said tendering for the developments major engineering, procurement and construction contract was also progressing.

Two weeks ago it completed the sale of its stakes in the North Thekah, North Port Fouad and South Idku exploration licences in Egypt to Edison.

The RNS reads gives no comfort for shareholders and ensures that investors will stand well clear.
I suspect the BOD are hiding behind the sofa with their lawyers. It doesn't read like they are preparing to act robustly in defence of the company and its, non WV, shareholders.

Below is an excerpt from First FT article referred to in that post, this from the same man claiming now that PCI has no value and kindly offering to take investors shares for 3p. Bear in mind that the MC was £300m at the time.

Petroceltics board has accused Mr Moskov of attempting to obtain control of the company without paying a fair price, and also argued a change of control could threaten its interests in its Ain Tsila gas co-venture with Enel of Italy and Algerian state-controlled Sonatrach. The project is expected to absorb $1.5bn of capital expenditure ahead of first gas production in 2018.
Mr Moskov defended his actions to the Financial Times this week, stating: We have exhausted all options to make changes we wanted to make.
He admitted that Worldview at present was sitting on a paper loss after raising its stake from 5 per cent in February last year to nearly 30 per cent, but said he still expected to profit from his campaign. Is there value in the company? Yes  multiples of current market value.

"After trading heavy blows for the best part of two years, Worldview has finally landed what could be the knockout punch in a bruising contest with LSE:PCI:Petroceltic. The activist hedge fund said last month it was mulling a bid for the Irish oil ..."

I would expect the folks at Tullow (and maybe others) might be scratching their heads and trying to figure out if they could make a alternative offer. The big problem for a competing offer is the ~30% holding of WV which will act as a blocking vote.
But if an alternative was offered by the mngt then maybe a better offer might be forthcoming.

Current price to sell is ~10p which is >3x this offer price...... No advice intended !!
It certainly looks like being between a rock and a hard place.

It's about time both our govt and the EU stopped allowing any trade with crooks operating from the Cayman Islands. Trouble is many of our FT100 companies like to hide there. Eg Barclays. Meantime these awful people are permitted to fleece our companies and ourselves. Disgraceful

..until someone put us out of our misery.
At least WV have been consistent in their view of the way in which this company has been run.
I only have a small holding here but feel sorry for those who have invested heavily - one more oilie down the drain.
tclr

The fund that helped destroy the company hoovering up the assets. Outrageous IMO

SUMMARY AND HIGHLIGHTS:

· Sunny Hill Limited ("Sunny Hill"), a company wholly owned by the Worldview Economic Recovery Fund (the "Economic Recovery Fund"), is pleased to announce the terms of an all cash offer to be made by it for the entire issued and to be issued share capital of Petroceltic International plc ("Petroceltic") other than the Petroceltic Shares in the beneficial ownership or control of Worldview International Management Limited SEZC ("Worldview") and/or any of the Worldview Funds (as defined below).

· Under the terms of the Offer, Petroceltic Shareholders will be entitled to receive:

3 pence in cash for each Petroceltic Share

· The Offer values the entire issued and to be issued share capital of Petroceltic at approximately £6.42 million.

· The directors of Sunny Hill believe that the value of the equity in Petroceltic is close to zero, given the parlous financial position of the Company. However, as an incentive to Petroceltic Shareholders to accept the Offer, in order to allow Sunny Hill and Worldview to accelerate addressing the Company's indebtedness issues, Sunny Hill is prepared to offer 3 pence, in cash, per Petroceltic Share. The directors of Sunny Hill have a particular concern with regard to the Company's precarious, and worsening, financial position, particularly with regard to the form, structure and level of the Company's indebtedness to the Banking Syndicate and the stream of short term repayment waivers that the Company has had to seek from the Banking Syndicate to prevent Petroceltic defaulting on the Senior Bank Facility.

· The Offer provides an opportunity for Petroceltic Shareholders to realise their investment in full and in cash. The Offer Price per Petroceltic Share represents a discount of approximately:

· 83.3 per cent. to the Closing Price of 18.0 pence per Petroceltic Share on 25 February 2016, being the last trading day prior to the date of this announcement;

· 73.9 per cent. to the Closing Price of 11.5 pence per Petroceltic Share on 21 January 2016, being the last trading day prior to the date of the Possible Offer Announcement; and

· 89.4 per cent. to the Closing Price of 28.375 pence per Petroceltic Share on 22 December 2015, being the last trading day prior to the commencement of the Offer Period.

· Sunny Hill is a private exempted company, incorporated in the Cayman Islands with limited liability, recently established specifically for the purposes of making the Offer, and wholly owned by the Economic Recovery Fund.

· Worldview is a private investment management firm incorporated in the Cayman Islands which provides discretionary investment management and advisory services to certain funds (including the Economic Recovery Fund) and to other clients through managed accounts and has associated operations in the United Kingdom and the United States. Worldview's principal focus is the pursuit of a range of investment opportunities in central and Eastern Europe, South Eastern Europe, Russia and other FSU countries, central Asia and Africa, investing across a variety of asset classes.

· As at the date of this announcement, Worldview, as discretionary manager of the Worldview Funds, controls approximately 29.6 per cent. of the existing issued share capital of Petroceltic.

The Offer will be conducted by way of a contractual takeover offer and will be conditional, inter alia, upon the receipt by Sunny Hill of valid acceptances in respect of not less than 90 per cent. of the Petroceltic Shares Affected.

Commenting on the Offer on behalf of Sunny Hill, Angelo Moskov, Director of Sunny Hill and CEO of Worldview, said:
"Although Petroceltic's assets may, arguably, have long term potential, if both the right capital structure and management team were in place, in light of the current oil price and Petroceltic's si

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